First Trust Advisors LP Buys 287,340 Shares of Chord Energy Corporation $CHRD

First Trust Advisors LP grew its position in Chord Energy Corporation (NASDAQ:CHRD) by 98.2% in the first quarter, Holdings Channel reports. The fund owned 579,920 shares of the company’s stock after acquiring an additional 287,340 shares during the quarter. First Trust Advisors LP’s holdings in Chord Energy were worth $82,453,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of Chord Energy by 19.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,349 shares of the company’s stock worth $618,000 after acquiring an additional 715 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Chord Energy by 27.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,547,732 shares of the company’s stock worth $220,078,000 after purchasing an additional 329,565 shares during the period. Parallel Advisors LLC grew its stake in Chord Energy by 13.8% during the first quarter. Parallel Advisors LLC now owns 2,035 shares of the company’s stock worth $289,000 after purchasing an additional 246 shares during the period. Jennison Associates LLC bought a new stake in Chord Energy in the first quarter worth approximately $60,190,000. Finally, California Public Employees Retirement System increased its holdings in Chord Energy by 5.5% in the first quarter. California Public Employees Retirement System now owns 111,513 shares of the company’s stock worth $15,855,000 after purchasing an additional 5,807 shares in the last quarter. 97.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Darrin J. Henke sold 1,276 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $145.97, for a total transaction of $186,257.72. Following the completion of the transaction, the chief operating officer owned 21,157 shares of the company’s stock, valued at $3,088,287.29. This trade represents a 5.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Douglas E. Brooks sold 1,500 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $138.57, for a total transaction of $207,855.00. Following the completion of the transaction, the director owned 18,705 shares in the company, valued at approximately $2,591,951.85. The trade was a 7.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,276 shares of company stock worth $1,285,968 in the last three months. 0.79% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Chord Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 27th. UBS Group dropped their price objective on shares of Chord Energy from $179.00 to $153.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Citigroup cut their price objective on shares of Chord Energy from $155.00 to $130.00 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Mizuho raised their target price on Chord Energy from $164.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Chord Energy in a research report on Monday, June 29th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Chord Energy currently has an average rating of “Moderate Buy” and an average target price of $152.38.

Chord Energy Stock Performance

Chord Energy stock opened at $138.36 on Friday. Chord Energy Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $151.95. The stock has a market cap of $7.79 billion, a P/E ratio of -122.44 and a beta of 0.49. The firm’s fifty day moving average price is $129.37 and its 200-day moving average price is $122.34. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.02.

Chord Energy (NASDAQ:CHRD) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $4.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.51 by $1.05. Chord Energy had a negative net margin of 1.25% and a positive return on equity of 7.06%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter last year, the firm earned $4.04 EPS. The company’s revenue was up 37.1% on a year-over-year basis. On average, equities research analysts expect that Chord Energy Corporation will post 18.32 earnings per share for the current fiscal year.

Chord Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Wednesday, May 20th were given a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Wednesday, May 20th. Chord Energy’s dividend payout ratio (DPR) is -460.18%.

About Chord Energy

Chord Energy Corporation (NASDAQ: CHRD), formerly known as Oasis Petroleum Inc, is an independent exploration and production company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Headquartered in Houston, Texas, Chord Energy emerged from financial restructuring in early 2021 and rebranded in October 2022 to reflect its renewed strategic vision.

The company’s core operations are concentrated in two prolific U.S. resource plays: the Williston Basin across North Dakota and Montana, and the Delaware Basin spanning parts of West Texas and southeastern New Mexico.